Wed Feb 04 2015
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Live Index – Wed, 04 Feb 2015 Premarket

PREMARKET WORLD NEWS

March E-mini S&Ps (ESH15 -0.36%) this morning are down -0.16% and European stocks are down -0.36% as a drop in crude oil undercuts energy producers and leads the overall market lower. Equity losses were limited after the PBOC cut banks’ reserve ratio by 50 bp to 19.50%. European stocks also found support from stronger-than-expected Eurozone Dec retail sales and from an upward revision to the Eurozone Jan composite PMI to a 6-month high. Asian stocks closed mixed: Japan +1.98%, Hong Kong +0.51%, China -1.04%, Taiwan +0.69%, Australia +1.23%, Singapore +0.28%, South Korea +0.49%, India -0.40%. Chinese stocks closed lower after a gauge of services activity last month slowed to the weakest pace in 6 months, although Chinese stocks have yet to react to the reserve ratio cut by the PBOC, which was done after Chinese equity markets had closed. Commodity prices are mixed. Mar crude oil (CLH15 -3.02%) is down -2.96% and Mar gasoline (RBH15 -2.29%) is down -2.45%. Apr gold (GCJ15 +0.60%) is up +0.51%. Mar copper (HGH15 +0.35%) is up +0.41% to a 2-week high after China lowered banks’ reserve ratios, which may spur economic growth. Agriculture prices are mixed. The dollar index (DXY00 +0.09%) is up +0.19%. EUR/USD (^EURUSD) is down -0.24%. USD/JPY (^USDJPY) is down -0.09%. Mar T-note prices (ZNH15 unch) are unchanged.

In an attempt to add liquidity to the economy, the Peoples Bank of China (PBOC) lowered the reserve ratio that banks must set aside as reserves by 50 bp to 19.50%, effective Feb 5.

Eurozone Dec retail sales rose +0.3% m/m and +2.8% y/y, better than expectations of unch m/m and +2.0% y/y with the +2.8% y/y gain the largest annual increase in 7-3/4 years.

The Eurozone Jan Markit composite PMI was revised upward to 52.6 from the originally reported 52.2, the fastest pace of expansion in 6 months.

The German Jan Markit services PMI was revised upward to 54.0 from the originally reported 52.7.

The UK Jan Lloyds business barometer rose 4 to 49, the best level in 4 months.

The UK Jan Markit/CIPS services PMI rose +1.4 to 57.2, better than expectations of +0.5 to 56.3.

The China Jan HSBC services PMI fell -1.6 to 51.8, the slowest pace of expansion in 6 months.

Japan Dec real cash earnings fell -1.4% y/y, the eighteenth consecutive month that earnings have contracted.

U.S. STOCK PREVIEW

Today’s Jan ADP employment report is expected to show a gain of +220,000, exceeding the +200,000 mark for the fifth consecutive month. Today’s Jan ISM non-manufacturing index is expected to show a -0.1 point decline to 56.4, adding to the -2.3 point decline to 56.5 seen in December.

There are 54 of the S&P 500 companies that report earnings today: Marathon Petroleum (consensus $ 1.38), Automatic Data Processing (0.68), Boston Scientific Corp (0.22), Clorox (0.89), Spectra Energy (0.33), Cognizant Technology Solutions (0.64), General Motors (0.83), Merck & Co (0.86), Whirlpool Corp (3.19), Humana (1.16). Equity conferences this week include: Media Insights & Engagement Conference on Tue-Thu, Cowen and Company Aerospace/Defense Conference & Transport Forum on Wed-Thu.

 

 

 

PREMARKET U.S. STOCKS

Humana (HUM +1.78%) reported Q4 EPS of $ 1.09, below consensus of $ 1.16.

Massachusetts Financial reported a 5.9% passive stake in Franklin Resources (BEN +2.39%) .

FDA approved Pfizer’s (PFE +1.17%) Ibrance drug for postmenopausal women with breast cancer.

Wabash (WNC +6.19%) reported Q4 EPS of 27 cents, highe than consensus of 24 cents.

Silgan Holdings (SLGN +1.27%) reported Q4 adjusted EPS of 58 cents, above consensus of 56 cents.

C.H. Robinson (CHRW +2.44%) reported Q4 EPS of 77 cents, higher than consensus of 76 cents.

Franklin Mutual reported a 5.7% passive stake in Symantec (SYMC +2.13%) , a 5.9% passive stake in Hospira (HSP +0.47%) , and a 5.3% passive stake in CIT Group (CIT +2.90%) .

Arthur J. Gallagher (AJG +1.04%) reported Q4 adjusted EPS of 56 cents, more than consensus of 54 cents.

Disney (DIS +2.36%) rose over 4% in after-hours trading after it reported Q1 EPS of $ 1.27, much better than consensus of $ 1.07.

Edwards Lifesciences (EW +1.21%) jumped 4% in after–hours trading after it reported Q4 EPS pf $ 1.06, better than consensus of 95 cents.

Take-Two (TTWO -0.50%) climbed over 5% in after-hours trading after it reported Q3 EPS of $ 1.87, well above consensus of $ 1.52, and hen raised guidance on fiscal 2015 EPS $ 1.65-$ 1.75, higher than consensus of $ 1.38.

Wynn Resorts (WYNN +4.05%) slid 5% in after-hours trading after it reported Q4 adjusted EPS of $ 1.20, below consensus of $ 1.43.

Gilead (GILD +0.93%) reported Q4 EPS of $ 2.43, more than consensus of $ 2.22, and then announced a 43 cent dividend and a $ 15 billion share buyback program.

Aflac (AFL +1.58%) reported Q1 operating EPS of $ 1.29, right on consensus, with Q1 revenue of $ 5.51 billion, above consensus of $ 5.48 billion.

Unum Group (UNM +2.94%) reported Q4 adjusted EPS of 90 cents, higher than consensus of 88 cents.

Chipotle (CMG +1.98%) reported Q4 EPS of $ 3.84, better than consensus of $ 3.79.

Fiserv (FISV +1.43%) reported Q4 adjusted EPS of 89 cents, right on consensus, although Q4 adjusted revenue of $ 1.23 billion was below consensus of $ 1.32 billion.

Macy’s M raised guidance on fiscal 2014 EPS outlook to $ 4.35-$ 4.37 from $ 4.25-$ 4.35, higher than consensus of $ 4.35.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.36%) this morning are down -3.25 points (-0.16%). The S&P 500 index on Tuesday closed higher: S&P 500 +1.44%, Dow Jones +1.76%, Nasdaq +0.97%. Supportive factors included (1) a rally in energy producers after crude oil climbed to a 2-week high, (2) increased M&A activity after the WSJ reported that Office Depot is an advanced merger talks with Staples, and (3) reduced concern that Greece will default on its debt after the Greek government backed off on a plan to write down its debt.

Mar 10-year T-notes (ZNH15 unch) this morning are unch. Mar 10-year T-note futures prices on Tuesday closed lower. Closes: TYH5 -27.50, FVH5 -15.50. Bearish factors included (1) reduced safe-haven demand for T-notes after Greece’s government backed down from its call for a debt write down, and (2) increased inflation expectations as a jump in crude to a 2-week high boosted the U.S. 10-year breakeven inflation rate to a 4-week high.

The dollar index (DXY00 +0.09%) this morning is up +0.182 (+0.19%). EUR/USD (^EURUSD) is down -0.0028 (-0.24%). USD/JPY (^USDJPY) is down -0.10 (-0.09%). The dollar index on Tuesday fell to a 1-week low and closed lower: Dollar index -0.904 (-0.96%), EUR/USD +0.01369 (+1.21%), USD/JPY -0.025 (-0.02%). Bearish factors included (1) the biggest drop in U.S. Dec factory orders in 4 months, which may prompt the Fed to delay interest rate hikes, and (2) strength in EUR/USD which climbed to a 1-week high as Greek sovereign debt concerns eased after Greek Finance Minister Varoufakis outlined plans to swap some Greek debt owned by the ECB and the European Financial Stability Facility for new securities that would allow Greece to avoid imposing a haircut on creditors.

Mar WTI crude oil (CLH15 -3.02%) this morning is down -$ 1.57 a barrel (-2.96%) and Mar gasoline (RBH15 -2.29%) is down -0.0392 (-2.45%). Mar crude oil and Mar gasoline on Tuesday closed sharply higher with Mar crude at a 1-month high and Mar gasoline at a 1-1/4 month high: CLH5 +3.48 (+7.02%), RBH5 +0.0567 (+3.67%). Bullish factors included (1) the fall in the dollar index to a 1-week low, (2) concern that gasoline production will decline as a strike by U.S. oil refinery workers that account for 10% of U.S. refining capacity entered its third day.

GLOBAL EVENT CALENDAR02/04/2015
US0700 ETWeekly MBA mortgage applications, previous -3.2% with purchase sub-index -0.1% and refi sub-index -5.1%.
0815 ETJan ADP employment expected +220,000, Dec +241,000.
0900 ETTreasury announces amount of 3-year T-notes (previous $ 24 billion), 10-year T-notes (previous $ 21 billion) and 30-year T-bonds (previous $ 13 billion) to be auctioned Feb 10-12 in the Feb quarterly refunding.
0945 ETFinal-Jan Markit U.S. services PMI, previous +0.7 to 54.0. Final-Jan Markit U.S. composite PMI, previous 56.5.
1000 ETJan ISM non-manufacturing expected -0.1 to 56.4, Dec 56.5.
1030 ETEIA Weekly Petroleum Status Report.
1245 ETCleveland Fed President Loretta Mester speaks on the economic outlook and the banking sector to the 2015 Ohio Bankers League Economic Summit.
GER0355 ETRevised German Jan Markit services PMI, previous +0.6 to 52.7.
EUR0400 ETRevised Eurozone Jan Markit composite PMI, previous +0.8 to 52.2.
0500 ETEurozone Dec retail sales expected unch m/m and +2.0% y/y, Nov +0.6% m/m and +1.5% y/y.
UK0430 ETUK Jan Markit/CIPS services PMI expected +0.5 to 56.3, Dec 55.8.
0430 ETUK Jan Lloyds business barometer, Dec 45.
U.S. STOCK CALENDAR02/04/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Marathon Petroleum CorpMPC USBef-mktQ4 2014 Earnings ReleaseQ4 20141.377
Automatic Data Processing IncADP USBef-mktQ2 2015 Earnings ReleaseQ2 20150.678
Boston Scientific CorpBSX USBef-mktQ4 2014 Earnings ReleaseQ4 20140.215
Clorox Co/TheCLX USBef-mktQ2 2015 Earnings ReleaseQ2 20150.893
Spectra Energy CorpSE USBef-mktQ4 2014 Earnings ReleaseQ4 20140.328
Cognizant Technology Solutions CorpCTSH USBef-mktQ4 2014 Earnings ReleaseQ4 20140.643
General Motors CoGM USBef-mktQ4 2014 Earnings ReleaseQ4 20140.83
Merck & Co IncMRK USBef-mktQ4 2014 Earnings ReleaseQ4 20140.856
Whirlpool CorpWHR US6:00Q4 2014 Earnings ReleaseQ4 20143.186
Humana IncHUM US6:00Q4 2014 Earnings ReleaseQ4 20141.162
Motorola Solutions IncMSI US7:00Q4 2014 Earnings ReleaseQ4 20141.155
Fastenal CoFAST US7:00January 2015 Sales and Revenue Release2015
Southern Co/TheSO US7:30Q4 2014 Earnings ReleaseQ4 20140.384
Cognizant Technology Solutions CorpCTSH US7:30Q4 2014 Earnings CallQ4 2014
Motorola Solutions IncMSI US8:00Q4 2014 Earnings CallQ4 2014
Boston Scientific CorpBSX US8:00Q4 2014 Earnings CallQ4 2014
Ralph Lauren CorpRL US8:00Q3 2015 Earnings ReleaseQ3 20152.508
Merck & Co IncMRK US8:00Q4 2014 Earnings CallQ4 2014
Automatic Data Processing IncADP US8:30Q2 2015 Earnings CallQ2 2015
CH Robinson Worldwide IncCHRW US8:30Q4 2014 Earnings CallQ4 2014
Aflac IncAFL US9:00Q4 2014 Earnings CallQ4 2014
Ralph Lauren CorpRL US9:00Q3 2015 Earnings CallQ3 2015
Spectra Energy CorpSE US9:00Q4 2014 Earnings CallQ4 2014
Humana IncHUM US9:00Q4 2014 Earnings CallQ4 2014
Marathon Petroleum CorpMPC US10:00Q4 2014 Earnings CallQ4 2014
Level 3 Communications IncLVLT US10:00Q4 2014 Earnings CallQ4 2014
Unum GroupUNM US10:00Q4 2014 Earnings CallQ4 2014
Whirlpool CorpWHR US10:00Q4 2014 Earnings CallQ4 2014
General Motors CoGM US10:00Q4 2014 Earnings CallQ4 2014
Equity ResidentialEQR US11:00Q4 2014 Earnings CallQ4 2014
Texas Instruments IncTXN US11:00Analyst Meeting – Capital Management Strategy
Accenture PLCACN US12:00Annual General MeetingY 2015
Southern Co/TheSO US13:00Q4 2014 Earnings CallQ4 2014
Clorox Co/TheCLX US13:30Q2 2015 Earnings CallQ2 2015
Twenty-First Century Fox IncFOXA US16:00Q2 2015 Earnings ReleaseQ2 20150.414
Under Armour IncUA US16:15Q4 2014 Earnings ReleaseQ4 20140.389
Twenty-First Century Fox IncFOXA US16:30Q2 2015 Earnings CallQ2 2015
O’Reilly Automotive IncORLY US16:30Q4 2014 Earnings ReleaseQ4 20141.67
Keurig Green Mountain IncGMCR US17:00Q1 2015 Earnings CallQ1 2015
CBRE Group IncCBG US17:00Q4 2014 Earnings CallQ4 2014
Under Armour IncUA US17:00Q4 2014 Earnings CallQ4 2014
Yum! Brands IncYUM USAft-mktQ4 2014 Earnings ReleaseQ4 20140.662
Keurig Green Mountain IncGMCR USAft-mktQ1 2015 Earnings ReleaseQ1 20150.89
Noble Corp plcNE USAft-mktQ4 2014 Earnings ReleaseQ4 20140.482
Macerich Co/TheMAC USAft-mktQ4 2014 Earnings ReleaseQ4 20141.033
FMC CorpFMC USAft-mktQ4 2014 Earnings ReleaseQ4 20141.001
CBRE Group IncCBG USAft-mktQ4 2014 Earnings ReleaseQ4 20140.695
Essex Property Trust IncESS USAft-mktQ4 2014 Earnings ReleaseQ4 20142.201
Prudential Financial IncPRU USAft-mktQ4 2014 Earnings ReleaseQ4 20142.382
Cincinnati Financial CorpCINF USAft-mktQ4 2014 Earnings ReleaseQ4 20140.845
Lincoln National CorpLNC USAft-mktQ4 2014 Earnings ReleaseQ4 20141.474
Allstate Corp/TheALL USAft-mktQ4 2014 Earnings ReleaseQ4 20141.681
AGL Resources IncGAS USQ4 2014 Earnings ReleaseQ4 20140.8
Level 3 Communications IncLVLT USQ4 2014 Earnings ReleaseQ4 20140.313

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